Insights from the CFO Mixer 2025 – From Stewardship to Strategy: The CFO’s Expanding Role

Over the past decade, the role of the Chief Financial Officer (CFO) has transformed to one of the most strategic positions in high-growth companies. CFOs today sit at the crossroads of capital, governance, and organisational design, guiding businesses through hyper-growth, volatility, and the rapid adoption of new technologies.

To explore these shifts firsthand, 3one4 Capital and DBS Bank co-hosted the CFO Mixer in Bengaluru on August 20, 2025. The forum brought together more than 30 senior finance leaders from venture-backed businesses for a candid exchange on the evolving demands of the CFO role in India’s startup ecosystem.

The panel was moderated by Richard Pinto (Principal & Head of Finance, 3one4 Capital) and featured Kushal Budhia (CFO, BetterPlace), Anand Batra (Investments, 3one4 Capital; Ex-CFO, Pepperfry), and Naren Ravishankar (Director, Deloitte). Drawing on their experience as operators, consultants, and investors, the speakers explored how CFOs are navigating an increasingly complex environment and shaping the trajectory of their companies.

Key Learnings from the CFO Mixer

The evening’s discussions traced the evolution of the CFO into one of the most strategic roles in high-growth companies. What was once seen as a function of compliance and control is today inseparable from questions of growth, governance, and culture. Anand Batra noted that CFOs are increasingly being considered for CEO positions at Fortune 500 companies, a reflection of how the role now demands breadth across strategy, operations, and leadership.

Kushal Budhia captured this shift succinctly:

“CFOs are one of the few roles, apart from the CEO, with visibility across every department. That makes cross-functional business knowledge absolutely critical.” – Kushal Budhia, CFO, BetterPlace

That breadth of responsibility has also forced CFOs to rethink how they measure performance. Rather than treating metrics as a backward-looking exercise, finance leaders are now building layered KPI frameworks that sharpen decision-making and allow for predictive insights. Kushal described this as a three-level approach, starting with:

• macro business metrics such as revenue and customers,
• then layering in departmental KPIs across areas like marketing and supply chain,
• and finally, drilling into behavioural analytics at the most granular level.

“Companies begin with macro metrics—revenue, customers, products—but as they scale, they must evolve into departmental and behavioural KPIs. That’s how finance moves from reporting the past to predicting the future.” – Kushal Budhia, CFO, BetterPlace

As the conversation moved from measurement to oversight, governance emerged as a central theme. Naren Ravishankar argued that governance cannot be imposed all at once. It has to grow with the organisation. He described it as a “dimmer, not a switch,” starting with simple controls and audit trails in early stages and gradually building toward formalised committees and compliance mechanisms.

“Governance should be treated like a dimmer, not a switch. It’s about sequencing, starting with the basics early, then scaling systems and committees as complexity grows.” – Naren Ravishankar, Director, Deloitte

The discussion also underscored that numbers alone do not determine outcomes. Nowhere is this clearer than in M&A, where projections may look promising on paper, but integration often fails in practice. The panel highlighted that nearly 85% of M&A deals fail not because of the financial model but because of cultural misalignment. For CFOs, this expands the definition of diligence: beyond cash flows and synergies, leaders must also assess organisational compatibility, values, and leadership alignment.

Finally, the panel turned to reporting - the discipline that ties together performance, governance, and culture. Anand stressed that credibility is built on transparency rather than perfection. Investors respond more positively to companies that disclose misses than to those that present overly polished figures numbers. He also reminded the group that reporting is just as critical internally as it is externally; when teams lack visibility, the consequences can be severe.

“Consistent transparency builds far more investor confidence than perfect performance. Owning a miss matters more than massaging the numbers.” – Anand Batra, Investments, 3one4 Capital; Ex-CFO, Pepperfry

From building KPI frameworks that reveal what truly drives performance, to sequencing governance in tandem with growth, to recognising culture as the real determinant of M&A success, CFOs today are not just financial stewards, they are architects of strategy, resilience, and trust.

The CFO Mixer went beyond frameworks and best practices, it reinforced the importance of community. The candid exchanges among peers surfaced insights that no playbook can capture: the lived experiences of leaders navigating fundraising cycles, managing working capital, balancing growth with governance, and preparing for IPOs.

At a time when finance leaders are central to translating growth into resilience, building strong communities of CFOs is critical. These forums provide a platform for shared learning, candid reflection, and collective problem-solving - strengthening not only individual companies but also the broader ecosystem.

As India’s venture ecosystem scales and more companies prepare for global expansion and public markets, the CFO’s role will only grow in importance. By convening this community of finance leaders, the CFO Mixer offered a timely perspective on how the next decade of finance leadership will be shaped, through intentional networks, transparent dialogue, and a shared commitment to resilience and performance.

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_{The views expressed herein are those of the author as of the publication date and are subject to change without notice. Neither the author nor any of the entities under the 3one4 Capital Group have any obligation to update the content. This publications are for informational and educational purposes only and should not be construed as providing any advisory service (including financial, regulatory, or legal). It does not constitute an offer to sell or a solicitation to buy any securities or related financial instruments in any jurisdiction. Readers should perform their own due diligence and consult with relevant advisors before taking any decisions. Any reliance on the information herein is at the reader's own risk, and 3one4 Capital Group assumes no liability for any such reliance.Certain information is based on third-party sources believed to be reliable, but neither the author nor 3one4 Capital Group guarantees its accuracy, recency or completeness. There has been no independent verification of such information or the assumptions on which such information is based, unless expressly mentioned otherwise. References to specific companies, securities, or investment strategies are not endorsements. Unauthorized reproduction, distribution, or use of this document, in whole or in part, is prohibited without prior written consent from the author and/or the 3one4 Capital Group.}

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